SINGAPORE (EDGEPROP) - The seller of a unit at Rivergate at Robertson Quay made the top gain of $3.82 million over the week of Sept 21 to 28. The 3,100 sq ft, four-bedroom unit was bought for $3.45 million ($1,115 psf) in July 2005 and sold for $7.27 million ($2,348 psf) on Sept 23. The seller therefore earned a 111% profit, or an annualised profit of 4.7% over more than 16 years.
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Located in District 9, Rivergate was completed in 2009 and has 545 freehold units across three 42-storey blocks. It is an 11-minute walk to the upcoming Havelock MRT Station on the Thomson-East Coast Line.
This latest resale is the second most profitable transaction recorded at the condominium to date. The most profitable transaction was for the sale of a 2,992 sq ft, four-bedroom unit that changed hands for $7.65 million ($2,560 psf) in July 2007. It was bought for $3.59 million ($1,203 psf) in August 2005. Thus, the seller walked away with a record profit of $4.05 million (112%), or an annualised profit of 48% over two years.
In July 2009, a 3,671 sq ft unit was sold for $6.51 million ($1,775 psf) but had been purchased for $3.77 million ($1,027 psf) in June 2005. This resulted in a profit of $2.74 million (73%), or an annualised profit of 14.5% over four years.
The second most profitable resale during the week in review was at Melrose Park, located on Kellock Road in District 10. The 5,231 sq ft penthouse unit was purchased for $4.52 million ($865 psf) in June 1999 and sold for $7.38 million ($1,412 psf) on Sept 21. This means that the seller made a profit of $2.86 million (63%) or an annualised profit of 2.3% over 22 years.
This also makes it the second most profitable resale transaction at the development so far. The most profitable transaction was the sale of a 4,402 sq ft penthouse unit for $6.19 million ($1,408 psf) in April 2008. It was purchased for $3.2 million (727 psf) in March 2002. This means that the seller earned a profit of $3 million (93%), or an annualised profit of 11% over six years.
Melrose Park is a 999-year leasehold property located in prime District 10. The 170-unit development was completed in 2000. It is in the River Valley residential enclave, and is located beside Great World City and near the upcoming Great World MRT Station on the Thomson-East Coast Line.
The development comprises two 19-storey residential blocks and its unit mix includes three to four-bedroom units ranging from 1,292 sq ft to 3,412 sq ft. Each block also has six penthouse units on the 19th floor that range from 3,606 sq ft to 5,231 sq ft.
On the other hand, the most unprofitable transaction during the week was the resale of a 2,250 sq ft unit at Leonie Parc View, located along Leonie Hill Road. Having sold the four-bedroom unit for $4.98 million ($2,214 psf) on Sept 23, the seller made a loss of $2.87 million (37%). The unit was purchased in July 2007 for $7.85 million ($3,489 psf). Over a holding period of 14 years, this translates into an annualised loss of 3.2%.
There have been at least three resale transactions at Leonie Parc View so far this year, including the sale on Sept 23, and all have resulted in losses. On Jan 4, a 2,250 sq ft unit was sold for $4.6 million ($2,045 psf) but had been purchased for $7.05 million ($3,134 psf) in July 2007. This resulted in a loss of $2.45 million (34%), or an annualised loss of 3.1% over 13 years. On April 27, a 2,013 sq ft unit was sold for $4.5 million ($2,236 psf). The unit was purchased in May 2007 for $5.46 million ($2,715 psf). This means that the seller made a loss of about $965,000 (17%), or an annualised loss of 1.3% over 14 years.
Leonie Parc View is a freehold development located in prime District 9. The project is centrally located, and is close to the Orchard Road shopping belt. The condominium was completed in 2009 and comprises a 28-storey tower with 44 units. Units comprise four-bedroom apartments and a penthouse.